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Chinese cities hold the top four spots in a global ranking measuring economic growth, wealth levels and size of working population.

Beijing was first in the ranking, which was created by UK-based asset manager Schroders, followed by Shanghai, Shenzhen and Tianjin. New York was fifth.

"Chinese cities continue to grow at a rapid rate as the country industrialises. GDP and retail sales are growing quickly," said Hugo Machin, co-head of global real estate securities at Schroders.

He added that, "we expect these Chinese cities to become increasingly important and play a larger part in our investment universe in the coming years".

China's status was even more dominant than in a previous index, produced by Schroders in August, when New York was second in the list and only three of the top five cities were in China.

Earlier this week, Funds Europe observed that only three European cities appeared in the latest top 30 ranking.
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